Automated Trading Championship 2008: Interview with Tony Manso (amelabs)

[Forex Trader]

On the website of the Automated Trading Championship 2008, an Interview with Tony Manso (amelabs) has been published. It is not the first time Tony Manso participates in the Championship. Last year his Expert Advisor was not very successful. This year his program staying on leading positions and shows very good results. In his EA Tony uses Trailing Stop instead of a fixed Stop Loss level.

In my experience, setting a fixed stop-loss is a recipe for disaster. Instead, what I do is set an initial stop-loss so far out that it's not likely to ever be reached. Then I can withstand some very large drawdowns immediately after the trade is placed. Once the trade goes in my favor and I realize a specific candlestick pattern, I know it's time to start a trailing stop. As far as take-profit goes, I generally set that before stop-loss. The procession is this:

1. I place the trade at open of a new bar.
2. At the next open bar I set take-profit if I recognize a certain candlestick pattern.
3. If my trade is in profit at the 3rd bar but my take-profit isn't hit yet, then I start looking for opportunity to start a trailing stop. Again, this only happens if a specific candlestick pattern is recognized.

The interview was published on the website of Automated Trading Championship 2008 in the News section.

Sponsors of the Automated Trading Championship 2008 are FXCM (Forex Capital Markets LLC), Interbank FX LLC (IBFX), FXDD and the TRADERS’ magazine. The organizer of the Championship is MetaQuotes Software Corp.